Pricing in the oil market was driven by the European Union's plans for an oil embargo against Russia and weak economic indicators in China, the world's largest oil importer.
While US crude oil was traded at around $108, Brent oil maintained its course at $110.
Ursula von der Leyen, President of the EU Commission, made a statement regarding the content of the new sanctions package planned to be implemented against Russia, "We are addressing our dependence on Russian oil. To be clear, this will not be easy. Some member states are dependent on Russian oil. Now, we propose a ban on Russian oil. This will be a complete ban on imports of all sea- and pipeline-transported crude and refined Russian petroleum products.” had used the words.
Anti-epidemic measures continue to have an impact on economic activity in China.
Caixin service sector PMI in the country decreased to 36.2 in April. Thus, the index recorded the lowest level since February 2020.
The expectation of economists participating in the Bloomberg survey was that the index would reach 40.
In his assessment, Caixin said, "Both economic activity and new orders showed the second most definite declines seen since November 2005, when PMI surveys started.
Oil markets will also closely monitor the OPEC+ meeting on Thursday.
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